Students in northeast China's Liaoning Province who intend to study abroad are now more likely to get long-term loans, according to an agreement signed recently by the Shenyang Branch Bank of China and the provincial Education Commission.

Sources say that only residents in the city above the age of 18 will be qualified to apply for these loans, which have repayment terms ranging from one to 10 years and an annual interest rate of 6.435 percent. The bank will lend up to 200,000 yuan (2,4000 US dollars) to each accepted applicant, and the borrower can mortgage property, bank accounts or state treasury bond.

Borrowers will receive the loans only after applications are approved by the provincial Education Commission and the Bank of China.

Sources say the students and their parents are now flocking to related service, and some are preparing their applications for the new loans.